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Leidos key statistics and ratios

In fiscal 2025, Leidos had return on equity of 31.0% and a net margin of 8.4%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Jan 20092010Jan 20102011Jan 20112012Jan 20122013Jan 20132014Jan 20152015Jan 20162016Dec 20162017Dec 20172018Dec 20182019Jan 20202020Jan 20212021Dec 20212022Dec 20222023Dec 20232024Jan 20252025Jan 2026LTMOct 2026
Net margin4.5%4.7%5.7%1.0%8.1%−7.1%5.1%3.5%3.6%5.7%6.0%5.1%5.5%4.8%1.3%7.5%8.4%8.0%
Return on equity21.7%22.7%————22.7%11.6%11.3%17.4%19.8%17.3%18.5%15.9%4.7%29.1%31.0%28.1%
Return on assets—9.4%————7.2%3.9%4.0%6.5%7.4%5.7%5.8%5.2%1.5%9.8%10.9%9.8%
Effective tax rate36.4%37.6%35.9%—6.4%—31.5%22.6%7.4%4.6%22.6%19.5%21.5%21.8%48.4%23.7%23.4%19.7%
R&D as % of revenue0.5%0.5%0.5%1.3%0.7%—0.6%0.6%0.4%0.5%0.4%0.6%0.8%0.8%0.8%0.9%1.1%—
SG&A as % of revenue————7.2%6.0%4.3%6.0%7.2%7.2%6.2%6.3%6.2%6.6%6.1%5.9%5.8%5.8%
Dividends ÷ net income———0.0%31.4%—0.0%407.0%0.0%0.0%29.7%31.2%26.4%29.1%101.0%16.6%14.6%15.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 6 checks passed · October 2, 2026
What it owns · $15.5bn
Short-term assets $5.1bnLonger-term assets $10.4bn
What it owes, and who funded it · $15.4bn
Short-term liabilities $3.2bnLonger-term liabilities $7.1bnShareholders' equity $5.2bn
  • Short-term assets cover short-term liabilities $5.1bn of assets due within a year against $3.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.1bn short-term assets against $7.1bn of longer-dated liabilities.
  • More cash than debt $630m of cash against $6.0bn of debt.
  • Debt below 40% of shareholders' equity Debt is 117% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 116% to 117% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.1bn of operating cash flow against $6.0bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Leidos's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

52 /100

Moderate moat

How hard Leidos's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Net income has been a median 5.8% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 14.6%, moving by 1.4 percentage points (standard deviation) across 10 years.

  • Durability 7 / 20

    Operating margin has been a median 7.9%; its worst year was 3.5%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 7.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 11.5% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (57 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Leidos's SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Leidos.